First Annual Physician Compensation Report

First Annual Physician Compensation Report

APRIL 2017

Introduction

There is one constant in medicine: doctors play a central role in delivering care. And they will continue to do so, irrespective of any future changes to the federal regulatory landscape. However, recent studies have found a growing shortage of physicians in the United States. Considering that doctors occupy the apex of the medical system, this trend should represent a significant concern to nearly all of the stakeholders within the American healthcare industry.

Having an accurate view of how physicians are compensated across specialties is a starting point towards understanding the various factors at play in the market. But there are several key areas that are often overlooked, and that this report attempts to fill.

First, markets for medical services are deeply regional and unique to their various metropolitan statistical areas (MSAs). Medicine operates within tight-knit clusters of physicians and practices, hospital systems, state licensing and regulation, and networks of payers. Despite this, very few studies focus on compensation at the

local level. That is why this report examines physician compensation across major American MSAs ? a first in medical market analysis.

Second, there is a longstanding concern surrounding the gap in pay between male and female professionals.1 In this report, we analyze the gender gap in physician pay, and report its results across specialties, states, and metro areas. While it is beyond the scope of this study to offer explanations as to why this gap exists in the way that it does, we do hope that this information can shed more light on this important issue.

Lastly, this report draws on the responses of over 36,000 licensed doctors to produce the most comprehensive and in-depth look at absolute physician compensation across specialties, states, regions, and gender. With 70 percent of all U.S. doctors as members, Doximity is the largest social network in medicine and uniquely positioned to enable this type of analysis.

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KEY FINDINGS

Geographic Differences in Physician Compensation

Doximity's physician compensation report is based on over 36,000 respondents, drawn from the largest network of U.S. physicians. Because of that, we can map compensation by metro areas, the markets within which healthcare operates.

Primary Care Compensation

As the U.S. population ages, it is critical that we have primary care physicians in the areas across the country that need them most. While compensation for specialists is typically higher, we examined where differences in pay for primary care occurs most prominently. One trend we identified is that compensation generally tends to be higher in smaller MSAs, than in larger metro areas.

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HIGHEST LOWEST

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The metro areas with the overall HIGHEST compensation for primary care providers: 1. Charlotte, NC - $285,109 2. Bridgeport, CT - $279,138 3. Minneapolis, MN - $272,610 4. Indianapolis, IN - $270,468 5. Phoenix, AZ - $268,869 6. Dallas, TX - $264,771 7. Louisville, KY - $264,026 8. Orlando, FL - $263,494 9. Houston, TX - $260,645 10. Tampa, FL - $257,304

The metro areas with the LOWEST compensation for primary care providers: 1. Durham, NC - $200,594 2. Ann Arbor, MI - $210,911 3. Charleston, SC - $216,038 4. Baltimore, MD - $217,249 5. Washington, DC - $221,815 6. Boston, MA - $223,445 7. Philadelphia, PA - $223,688 8. Denver, CO - $226,282 9. New Haven, CT - $232,260 10. Columbus, OH - $233,436

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KEY FINDINGS

Physician Compensation ? All Specialties Together

Because specialists tend to earn more across the board, the combined average compensation for all physicians is higher than primary care physicians alone.

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The metro areas in which all physicians are paid the HIGHEST average annual salary: 1. Charlotte, NC - $359,455 2. Bridgeport, CT - $353,925 3. Phoenix, AZ - $351,677 4. Milwaukee, WI - $345,831 5. Houston, TX - $345,079 6. Louisville, KY - $344,362 7. Minneapolis, MN - $343,548 8. Orlando, FL - $343,072 9. Indianapolis, IN - $342,699 10. Dallas, TX - $339,911

The metro areas in which physicians are paid the LOWEST average annual salary: 1. Durham, NC - $267,598 2. Ann Arbor, MI - $272,398 3. Baltimore, MD - $281,005 4. Charleston, SC - $285,933 5. Washington, DC - $286,242 6. Boston, MA - $286,971 7. Denver, CO - $288,095 8. Providence, RI - $294,103 9. Philadelphia, PA - $296,351 10. Cincinnati, OH - $297,700

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KEY FINDINGS

Compensation by Specialties

Ten highest and lowest medical specialty annual compensation HIGHEST average annual compensation LOWEST average annual compensation

Neurosurgery $620 K

Thoracic Surgery $522K

Orthopaedic Surgery $503K

Vascular Surgery $446K

Radiation Oncology $442 K

Plastic Surgery $420K

Dermatology $420 K

Cardiology $415K

Radiology $408 K

Gastroenterology $403K

Family Medicine Pediatric Gastroenterology

Pediatric Rheumatology

$231 K $225 K $220 K

Pediatrics $219 K

Medical Genetics $217 K

Pediatric Nephrology Pediatric Hematology & Oncology

Preventive Medicine

$211 K $210 K $204 K

Pediatric Endocrinology $190 K

Pediatric Infectious Disease $186 K

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